The shares of one of the leading manufacturers of specialty chemicals gained up to 9.4 percent after the company signed a Memorandum of Understanding with the global Manufacturer of Electrolytes.
With a market capitalization of Rs 4,318.71 crores, the shares of Ami Organics Ltd closed at Rs 1,171.00 per share, increased around 6.46 percent compared to the previous closing price of Rs 1,075.15 per share.
According to the company filing, Ami Organics Ltd signed a Memorandum of Understanding with the global Manufacturer of Electrolytes for the strategic collaboration towards manufacturing electrolytes for battery cells and allied materials in Gujarat, India.
Additionally, at the upcoming Vibrant Gujarat Summit 2024, the company will sign an MOU with the Gujarati government for an investment of up to Rs 300 crores for the establishment of a dedicated manufacturing facility for the electrolytes business in the state of Gujarat.
The MOU is evidence of the company’s strategic vision in coordinating with the industry trends that are revolutionizing the battery chemicals market. This product supports the Made in India campaign of the government. Ami Organics is advancing environmentally sustainable practices in the energy storage device industry by showcasing creative solutions.
Looking into Ami Organics Ltd’s performance, revenue increased by 17 percent from Rs 147 Crore in Q2FY23 to Rs 172 Crore in Q2FY24. During the same duration, net profit decreased by 189 percent from a profit of Rs 19 crore to a loss of Rs 17 crore.
A 5 MW solar power plant that is currently under construction will eliminate electricity costs when it is fully operational, and the company’s board has approved investment in a 16 MW solar power plant.
Ami Organics Ltd. has one R&D facility, three manufacturing facilities, and more than 500 customers across 50 countries.
Ami Organics Ltd produces various kinds of materials for agrochemicals and fine chemicals, as well as Advanced Pharmaceutical Intermediates and Active Pharmaceutical Ingredients (API) for New Chemical Entities.
Written by:- Abhishek Singh
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